As of Wednesday, PayPal's Venmo buy button, called "Pay with Venmo," will move out of beta and become available to all of Venmo's users, according to a post on the company blog.

Venmo customers using one of Pay with Venmo's 11 partner apps, which include Boxed, delivery.com, and Munchery, will be able to select Venmo as a payment option and make their purchase through their Venmo account.

Expanding the program will allow Venmo to see if the buy button will actually gain traction.A limited beta test, particularly if it focuses on super users, doesn't always measure engagement among the general population. The expansion will give a better gauge of the buy button's broader appeal, though it could be handicapped by Venmo's limited list of app partners, which doesn't include any major names.

But in-app payment products from other mobile wallets, like Apple Pay, have resonated with users, likely because of the convenience and familiarity they provide. That means that, once Venmo bolsters its list of partners, it could see adoption among its core audience.

And if it does, that could benefit Venmo in a few key ways:

Monetization: For customers, Pay With Venmo is free. But merchants will pay a per transaction fee of 2.9% plus $0.30, which could give PayPal a key new revenue stream from a service that previously netted minimal income.

Engagement: Providing more ways for users to interact with Venmo could tie them more closely to the product, which might make them less likely to move to a new peer-to-peer (P2P) application. That loyalty could be critical as competition in the industry heats up with a full launch of bank consortium-owned clearXchange on the horizon.

Acquisition: Pay With Venmo gives PayPal a new customer base that it can recruit through merchant relationships. That could be key in helping the platform add volume as its year-over-year (YoY) growth rate begins to decelerate.

Mobile payments are becoming more popular, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.

Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.

Here are some key takeaways from the report:

In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020.

Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits.

Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay.

In full, the report:

Forecasts the growth of US in-store mobile payments volume and users through 2020.

Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay.

Addresses the key barriers that are preventing mobile in-store payments from taking off.

Identifies the growth drivers that will ultimately carve a path for mainstream adoption.

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